A company had sales of $3 million. Income before taxes was $150,000. The company pays taxes at a 50% rate. There are 500 shares of $100 par 6% preferred stock and 120,000 shares of common stock outstanding. What is the earnings per share (EPS) of the company's common stock? A) $0.60 B) $0.625 C) $1.20 D) $1.25